Inflation Rate Hits 19.64% In Nigeria

National Bureau of Statistics, NBS, has revealed that Nigeria’s headline inflation rate is now 19.64% for July, representing 1.817 %, which was 0.001% higher than the rate recorded in June 2022.

This is contained in a Consumer Price Index, CPI, released on Monday on its official website.

The report said: “This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021).

“This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021.

“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

“The increases were recorded in all COICOP divisions that yielded the Headline index. On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

“On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

“The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021.

“The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021.

“On a month-on-month basis, the rural inflation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%).

“The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021.”

Daily Nigerian

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